Acclaim
Status:
Active
Group:
Western & Southern
Product Type:
Fixed Annuity
Product Status:
Approved
Version:
0
Inception Date:
October 28, 2007
Closed Date:
Last Modified:
February 08, 2024 00:00
Description:
The Acclaim is a single premium deferred fixed annuity. The minimum premium is $2,000 for qualified funds and $5,000 for non-qualified funds. During each policy year, including the first, the interest credited since the last contract anniversary may be withdrawn. Systematic withdrawals are also an option. Surrender charges are five years in duration (7,7,7,6,5) and are waived in the event of annuitization (after the second policy year), death (of owner), entrance into a nursing home or hospital, or diagnosis of a terminal illness. There is an optional return of premium which, if elected, guarantees that the cash value will never be less than 100% of the premium payment, less withdrawals. Withdrawals and taxable distributions may be subject to ordinary income tax and if made prior to age 59 1/2, may also be subject to a 10% federal income tax penalty. Early surrender charges may also apply. Guarantees based on claims paying ability of insurer. Products / features may not be available in all states. This is an annuity contract issued by an insurance company and not a bank product protected by the FDIC.
Fee Based:
No
Free Look:
Yes
Plan Types:
457 (b), 401 (k), HR-10 (Keogh), Non-Qualified, IRA, IRA Rollover, IRA Transfer, SEP IRA, Spousal IRA, Others, 401 (a)
Premium Types:
Single
States Available:
AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, KS, KY, IN, LA, MA, MD, MI, MN, MO, MS, MT, NC, ND, NE, NM, NV, OH, OK, PA, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY
States Exception:
AK, BERMUDA, GU, ME, NH, NJ, NY, OR, PR, RI, VI
Version Note:
Scrap Book: